Tencent Music Entertainment Group (NYSE:TME) Upgraded at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from a hold rating to a buy rating in a report issued on Wednesday, Marketbeat Ratings reports.

Other equities research analysts also recently issued reports about the company. Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a report on Tuesday, January 21st. Mizuho increased their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $15.00.

Tencent Music Entertainment Group Stock Performance

Shares of TME stock opened at $14.41 on Wednesday. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $15.77. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market cap of $24.72 billion, a price-to-earnings ratio of 26.68, a PEG ratio of 0.77 and a beta of 0.70. The stock’s 50-day moving average is $12.66 and its two-hundred day moving average is $11.90.

Tencent Music Entertainment Group Increases Dividend

The company also recently announced an annual dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be issued a $0.18 dividend. This is an increase from Tencent Music Entertainment Group’s previous annual dividend of $0.12. The ex-dividend date is Thursday, April 3rd. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group’s payout ratio is presently 30.51%.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can increased its position in Tencent Music Entertainment Group by 86.0% during the 3rd quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after purchasing an additional 84,161 shares during the period. BNP Paribas Financial Markets raised its position in Tencent Music Entertainment Group by 33.6% in the third quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock worth $23,028,000 after acquiring an additional 480,504 shares in the last quarter. Nordea Investment Management AB raised its position in Tencent Music Entertainment Group by 9.5% in the fourth quarter. Nordea Investment Management AB now owns 1,464,366 shares of the company’s stock worth $16,738,000 after acquiring an additional 127,561 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth $114,000. Finally, Principal Financial Group Inc. grew its stake in shares of Tencent Music Entertainment Group by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock worth $66,013,000 after purchasing an additional 211,873 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.